Most part of the last century has been a prosperous timespan for the humanity and infrastructure development has happened at an exponentially progressive rate

Smart elevators and escalators are installed in mixed-used buildings, hotels, commercial buildings, IT parks, residential buildings, restaurants, and retail outlets among others. Aging population is likely to be the key factor driving the smart elevator and escalator market during the forecast period.

In addition, increasing geriatric population in countries such as Japan and China is expected to fuel demand for smart elevators and escalators. Asia Pacific is expected to grow at a high rate which will affect the market positively during the forecast period 2017 – 2023.

Factors such as the growth of the global urban population, aging population, changing demographics, and urbanization among others are likely to boost the growth of the market in the near future. Rapid urbanization in developing nations such as Middle East, India and China and migration of population from rural areas to urban areas is key factor fueling the demand for new installation of smart elevators and escalators market.

One of the major factors driving the market is installation of smart elevators and escalators in mid-rise and high-rise buildings.

There has been an increase in construction activities in developing countries of Asia Pacific and RoW. The booming construction sector in countries such as China, India, Philippines and Indonesia is generating potential growth opportunities for the smart elevators and escalators market.

In addition, industrial infrastructure in nations such as Indonesia, India and Brazil are witnessing major increase in demand for smart elevators and escalators in the last few years. This increase in demand is driven by large expenditure by public and private companies on airport development, housing, ports and rail transport.

This, in turn, is likely to boost the growth of the smart elevators and escalators market during the forecast period.

Ageing population in countries such as Japan, U.S., Mexico and China among others is the key factor driving the smart elevator and escalator market during the forecast period. In addition, Asia Pacific is expected to grow at a high rate during the forecast period of 2017 – 2023.

Factors such as the growth of the global urban population and increasing number of population growth, aging population, changing demographics and urbanization among others are boosting the growth of the market in near future.

Based on type, the global market has been segmented into elevator and escalators. The smart escalators and elevators market is dominated by the elevators segment.

The elevators market is further sub divided into elevator capacity types 450 - 1,150 kg, 1,150kg-1,500kg, 1,500kg-2,000kg and others. The escalators market is further classified into moving walkway escalators and moving stairs.

Smart elevator is mainly driven by the increasing number of super tall and high rise building that demand energy efficient, secure and faster vertical transportation systems.

The global market by application is segmented into eight types: commercial, hotels, retail, residential, transportation, hospital, parking building and others. The smart escalators and elevators market is dominated by the transportation segment, followed by residential application.

This increasing demand of smart escalators and elevators in the transportation segment is driven by large expenditure on airport development, ports and rail transport.

Global Smart Elevators and Escalators Market: Key Research Aspects

A comprehensive analysis of market dynamics that include the market drivers, restraints and opportunities is included under the purview of the study. Market dynamics are the distinct factors which exert an influence on the growth of a particular market and therefore help in studying the current trends of the global market.

Thus, this report offers an inclusive study of the global smart elevators and escalators market, along with providing the forecast of the market for the period from 2017 to 2023.